Computation of Assets,liabilities,and Owners' Equity After a Series of Transactions

question 41

Essay

Computation of assets,liabilities,and owners' equity after a series of transactions
On April 30,2014,the balance sheet of China Collectibles showed total assets of $700,000,total liabilities of $400,000,and owners' equity of $300,000.The following transactions occurred in May of 2014:
(1)Capital stock was issued in exchange for $165,000 cash.
(2)The business purchased equipment for $360,000,paying $160,000 cash and issuing a note payable for $200,000.
(3)The business paid $70,000 of its accounts payable.
(4)The business collected $54,000 of its accounts receivable.
Compute the following as of May 31,2014:
(A.)Total assets $____________
(B.)Total liabilities $____________
(C.)Owners' equity $____________

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Definitions:

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